Duck Creek Technologies Announces Third Quarter Fiscal 2021 Financial Results

Rhea-AI Summary

Duck Creek Technologies reported a robust performance in Q3 FY2021, achieving 56% year-over-year growth in subscription revenue and 64% growth in SaaS Annual Recurring Revenue (ARR). Total revenue reached $67.9 million, a 26% increase from Q3 FY2020. Non-GAAP net income was $4.0 million, compared to $1.9 million in the same period last year. Despite a GAAP net loss of $0.4 million, Duck Creek maintains a strong liquidity position with $115.6 million in cash and no debt. The company anticipates fourth-quarter revenue between $68.5 million and $69.5 million.

Positive

• Subscription revenue up 56% year-over-year.
• SaaS ARR increased by 64% year-over-year.
• Total revenue rose by 26% to $67.9 million.
• Non-GAAP net income improved to $4.0 million from $1.9 million.
• Strong cash position with $115.6 million in cash and no debt.

Negative

• GAAP net loss of $0.4 million compared to $2.0 million in Q3 FY2020.
• Free cash flow decreased to $6.6 million from $16.8 million year-over-year.

• Third Quarter Fiscal 2021 Subscription revenue grew 56% year-over-year
  
  
• SaaS Annual Recurring Revenue grew 64% year-over-year

BOSTON, July 08, 2021 (GLOBE NEWSWIRE) -- Duck Creek Technologies (NASDAQ: DCT), a provider of SaaS-delivered enterprise software to the property & casualty (“P&C”) insurance industry, today announced its financial results for the three and nine months ended May 31, 2021.

“Duck Creek continued to perform at a high level in the third quarter, highlighted by 56% subscription revenue growth,” said Michael Jackowski, Duck Creek’s Chief Executive Officer. “We signed several important wins with new and existing customers, including a substantial expansion with a Tier 1 carrier that is deploying Duck Creek OnDemand to additional lines of business.”
                                                                                                                                    
Mr. Jackowski added, “Our growing roster of successful Duck Creek OnDemand deployments is a clear demonstration that the P&C insurance industry is recognizing that our SaaS core systems platform can provide greater flexibility, faster innovation and a better customer experience than legacy systems. We remain at the early stages of this transformation and believe Duck Creek is well positioned to benefit for years to come.”

Third Quarter 2021 Financial Highlights

Revenue

• Total revenue for the third quarter of fiscal year 2021 was $67.9 million, an increase of 26% from the comparable period in fiscal year 2020. Subscription revenue was $33.6 million, an increase of 56%; services revenue was $25.6 million, an increase of 6%; license revenue was $2.5 million, an increase of 15%; and maintenance revenue was $6.3 million, an increase of 4%.
• SaaS annual recurring revenue, or SaaS ARR, was $124.1 million as of May 31, 2021, an increase of 64% from the comparable period in fiscal year 2020.

Profitability

• GAAP loss from operations was $0.5 million for the third quarter of fiscal year 2021, compared with a GAAP loss from operations of $1.4 million for the comparable period in fiscal year 2020.
  
  
• Non-GAAP income from operations was $4.8 million for the third quarter of fiscal year 2021, compared with non-GAAP income from operations of $2.9 million for the comparable period in fiscal year 2020.
  
  
• GAAP net loss was $0.4 million for the third quarter of fiscal year 2021, compared with GAAP net loss of $2.0 million for the comparable period in fiscal year 2020.
  
  
• Non-GAAP net income was $4.0 million for the third quarter of fiscal year 2021, compared with non-GAAP net income of $1.9 million for the comparable period in fiscal year 2020.
  
  
• GAAP net loss per share was $0.00, based on basic weighted average shares outstanding of approximately 131.6 million shares as of May 31, 2021. Non-GAAP net income per share was $0.03 based on fully diluted weighted average shares outstanding of approximately 135.2 million shares as of May 31, 2021.
  
  
• Adjusted EBITDA was $5.5 million for the third quarter of fiscal 2021, compared with adjusted EBITDA of $3.8 million for the comparable period in fiscal year 2020.

Liquidity

• As of May 31, 2021, Duck Creek had $115.6 million in cash and cash equivalents, $256.0 million in short term investments and no debt. The Company had $6.9 million in cash provided by operating activities and had free cash flow of $6.6 million during the third quarter of fiscal year 2021, compared with $18.2 million in cash provided by operating activities and free cash flow of $16.8 million in the comparable period in fiscal year 2020.

The information presented above includes non-GAAP financial measures such as “non-GAAP income from operations,” “adjusted EBITDA,” “non-GAAP net income,” “non-GAAP net income per share,” and “free cash flow.” Refer to “Non-GAAP Financial Measures and Other Metrics” for a discussion of these measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Business Outlook

Duck Creek is issuing the following outlook for the fourth quarter of fiscal 2021 and full year of fiscal 2021 based on current expectations as of July 8, 2021:

	Fourth Quarter Fiscal 2021		Full Year Fiscal 2021
Revenue	$68.5 million to $69.5 million		$258.0 million to $259.0 million
Subscription Revenue	$32.0 million to $32.5 million		$124.0 million to $124.5 million
Adjusted EBITDA	$3.5 million to $4.5 million		$15.6 million to $16.6 million

Conference Call Information

Duck Creek Technologies will host a conference call today, July 8, 2021, at 5:00 p.m. (Eastern Time) to discuss the Company’s financial results and business outlook. A live webcast of the call will be available on the “Investor Relations” page of the Company’s website at https://ir.duckcreek.com/. To access the call by phone, dial 1-833-570-1119 (domestic) or 1-914-987-7066 (international). A replay of this conference call will be available for a limited time at 1-855-859-2056 (domestic) or 1-404-537-3406 (international) using conference ID 5077088. A replay of the webcast will also be available for a limited time at https://ir.duckcreek.com/.

About Duck Creek Technologies

Duck Creek Technologies is a leading provider of core system solutions to the P&C and General insurance industry. By accessing Duck Creek OnDemand, the company’s enterprise Software-as-a-Service solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek’s functionally-rich solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand.

Forward Looking Statements

This press release includes certain disclosures which contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements because they contain words such as “expect,” “believe,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “forecast,” “outlook” and variations of these terms or the negative of these terms and similar expressions. Forward-looking statements, including statements regarding Duck Creek’s expected outlook for fourth quarter fiscal 2021 and full year fiscal 2021, are based on Duck Creek’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements will be set forth in Duck Creek’s most recent Annual Report on Form 10-K that was filed with the Securities and Exchange Commission on November 3, 2020 and any subsequent public filings. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the impact of pandemics, including the on-going COVID-19 pandemic, on U.S. and global economies, Duck Creek’s business and results and financial condition, its employees, demand for its products, sales and implementation cycles, and the health of its customers’ and partners’ businesses; Duck Creek’s history of losses; changes in Duck Creek’s product revenue mix as it continues to focus on sales of its SaaS solutions, which will cause fluctuations in its results of operations and cash flows between periods; Duck Creek’s reliance on orders and renewals from a relatively small number of customers for a substantial portion of its revenue, and the substantial negotiating leverage customers have in renewing and expanding their contracts for Duck Creek’s solutions; the success of Duck Creek’s growth strategy focused on SaaS solutions and its ability to develop or sell its solutions into new markets or further penetrate existing markets; Duck Creek’s ability to manage its expanding operations; intense competition in Duck Creek’s market; third parties may assert Duck Creek is infringing or violating their intellectual property rights; U.S. and global market and economic conditions, particularly adverse in the insurance industry; additional complexity, burdens and volatility in connection with Duck Creek’s international sales and operations; the length and variability of Duck Creek’s sales and implementation cycles; data breaches, unauthorized access to customer data or other disruptions of Duck Creek’s solutions; the significant influence of Duck Creek’s largest shareholders on its management, business plans, and policies and any conflicts of interests therewith; and Duck Creek’s continued reliance on “controlled company” exemptions under the corporate governance standards of Nasdaq during the applicable phase-in periods.

Any forward-looking statement in this release speaks only as of the date of this release. Duck Creek undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws.

Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance unless expressed as such, and should only be viewed as historical data.

Non-GAAP Financial Measures and Other Metrics

This press release contains the following non-GAAP financial measures: non-GAAP gross margin, non-GAAP income from operations, adjusted EBITDA, non-GAAP net income, non-GAAP net income per share, and free cash flow. Adjusted EBITDA excludes provision for income taxes, other (income) expense, interest expense, net, depreciation of property and equipment, amortization of intangible assets, share-based compensation expense, and change in fair value of contingent earnout liability. Non-GAAP income from operations excludes share-based compensation expense, amortization of intangible assets and change in fair value of contingent earnout liability. Non-GAAP gross margin excludes share-based compensation expense, amortization of intangible assets, and amortization of capitalized internal-use software. Non-GAAP net income excludes share-based compensation expense, amortization of intangible assets and change in fair value of contingent earnout liability and the tax effect of such adjustments. Free cash flow consists of net cash provided by operating activities less cash used for purchases of property and equipment and capitalized internal-use software. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Other metrics include SaaS ARR and SaaS Net Dollar Retention, which are calculated for all SaaS continuing software services, excluding the subscription revenue related to one legacy contract for a service no longer offered separately by the Company. SaaS ARR is calculated by annualizing recurring revenue recorded in the last month of the measurement period. SaaS Net Dollar Retention is a rate calculated by annualizing recurring revenue recorded in the last month of the measurement period for those customers in place throughout the entire measurement period. We divide the result by annualized recurring revenue from the month that is one year prior to the end of the measurement period, for all customers in place at the beginning of the measurement period.

The Company believes that these non-GAAP financial measures and other metrics provide useful information to management and investors regarding certain financial and business trends relating to Duck Creek’s financial condition and results of operations. The Company’s management uses these non-GAAP financial measures and other metrics to manage its business, make planning decisions, evaluate its performance and allocate resources. The Company believes that the use of these non-GAAP financial measures and other metrics help investors and analysts in comparing its results across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, including net income and cash flows from operating activities.

These non-GAAP financial measures are not universally consistent calculations, limiting their usefulness as comparative measures. Other companies may calculate similarly titled financial measures differently than the Company does or may not calculate them at all. Additionally, these non-GAAP financial measures are not measurements of financial performance or liquidity under GAAP. In order to facilitate a clear understanding of its consolidated historical operating results, readers should examine the Company’s non-GAAP financial measures in conjunction with its historical GAAP financial information.

To the extent that the Company provides guidance on a non-GAAP basis, it does not provide reconciliations of such forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for the charges reflected in the Company’s reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

Investor Contact:
Brian Denyeau
ICR
646-277-1251
Brian.denyeau@icrinc.com

Media Contact:
Paul Rechichi
Racepoint Global
617 624 3295
prechichi@racepointglobal.com

Sam A. Shay
Duck Creek Technologies
857 201 5784
sam.shay@duckcreek.com

Duck Creek Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited, in thousands except share and per share amounts)

		May 31,				August 31,
		2021				2020
Assets
Current assets:
Cash and cash equivalents		$	115,637			$	389,878
Short-term investments			256,028				—
Accounts receivable, net			37,177				29,149
Unbilled revenue			22,491				18,121
Prepaid expenses and other current assets			11,838				12,186
Total current assets			443,171				449,334
Property and equipment, net			16,008				18,113
Operating lease assets			15,498				18,171
Goodwill			272,455				272,455
Intangible assets, net			69,425				81,687
Deferred tax assets			2,226				1,550
Unbilled revenue, net of current portion			2,576				3,487
Other assets			16,679				16,303
Total assets		$	838,038			$	861,100
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$	1,693			$	1,802
Accrued liabilities			42,485				58,202
Contingent earnout liability			4,878				3,701
Lease liability			3,007				3,611
Deferred revenue			28,743				30,397
Total current liabilities			80,806				97,713
Contingent earnout liability, net of current portion			—				3,391
Lease liability, net of current portion			18,342				21,739
Deferred revenue, net of current portion			4				379
Other long-term liabilities			4,285				4,121
Total liabilities			103,437				127,343
Commitments and contingencies (Note 13)
Stockholders' equity
Common stock, 134,217,410 shares issued and 131,660,379 shares outstanding at   May 31, 2021, 133,269,301 shares issued and 130,713,745 shares   outstanding at August 31, 2020, 300,000,000 shares authorized at May 31, 2021   and August 31, 2020, par value $0.01 per share			1,342				1,333
Preferred stock, 0 shares outstanding, 50,000,000 shares authorized at May 31, 2021   and August 31, 2020, par value $0.01 per share			—				—
Treasury stock, common shares at cost; 2,557,031 shares at May 31, 2021 and   2,555,556 shares at August 31, 2020			(64,745	)			(64,688	)
Accumulated deficit			(35,706	)			(24,334	)
Accumulated other comprehensive income			79				—
Additional paid in capital			833,631				821,446
Total stockholders' equity			734,601				733,757
Total liabilities and stockholders' equity		$	838,038			$	861,100

Duck Creek Technologies, Inc. and Subsidiaries
Consolidated Statements of Operations
(unaudited, in thousands except share and per share amounts)

		For the Three Months Ended May 31,								For the Nine Months Ended May 31,
		2021				2020				2021				2020
Revenue:
Subscription		$	33,552			$	21,555			$	92,069			$	59,368
License			2,474				2,160				7,412				5,431
Maintenance and support			6,329				6,064				18,404				17,791
Professional services			25,583				24,174				71,611				70,760
Total revenue			67,938				53,953				189,496				153,350
Cost of revenue1:
Subscription			12,045				8,721				33,540				24,871
License			535				506				1,369				1,347
Maintenance and support			855				710				2,556				2,475
Professional services			14,315				13,459				42,857				38,839
Total cost of revenue			27,750				23,396				80,322				67,532
Gross margin			40,188				30,557				109,174				85,818
Operating expenses1:
Research and development			12,255				10,197				36,040				29,424
Sales and marketing			13,628				11,723				40,390				33,539
General and administrative			15,238				10,184				44,273				29,916
Change in fair value of contingent consideration			(389	)			(190	)			(291	)			21
Total operating expenses			40,732				31,914				120,412				92,900
Loss from operations			(544	)			(1,357	)			(11,238	)			(7,082	)
Other income (expense), net			546				(316	)			1,009				(96	)
Interest expense, net			(6	)			(60	)			(87	)			(386	)
Loss before income taxes			(4	)			(1,732	)			(10,316	)			(7,564	)
Provision for income taxes			353				267				1,056				889
Net loss		$	(357	)		$	(1,999	)		$	(11,372	)		$	(8,453	)
Net loss per share information2
Net loss per share of common stock, basic and diluted		$	0.00			$	—			$	(0.08	)		$	—
Weighted average shares of common stock, basic and diluted			131,613,003				—				130,992,672				—

(1) Amounts include share-based compensation expense as disclosed in the following table:

		Three Months Ended May 31,								Nine Months Ended May 31,
		2021				2020				2021				2020
Cost of subscription revenue		$	90			$	—			$	302			$	10
Cost of maintenance and support revenue			7				1				22				3
Cost of services revenue			253				36				2,003				103
Research and development			285				97				1,505				285
Sales and marketing			199				93				2,493				257
General and administrative			863				253				2,980				747
Total share-based compensation expense		$	1,697			$	480			$	9,305			$	1,404

(2) Prior to Duck Creek’s initial public offering in August 2020, there were no shares of common stock outstanding, and the membership structure of Duck Creek Technologies consisted of limited partnership units. Accordingly, comparable period net loss per share has not been presented because it would not be meaningful to the users of the Company’s consolidated financial statements.

Duck Creek Technologies, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(unaudited, in thousands)

		For the Three Months Ended May 31,								For the Nine Months Ended May 31,
		2021				2020				2021				2020
Operating activities:
Net loss		$	(357	)		$	(1,999	)		$	(11,372	)		$	(8,453	)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Depreciation of property and equipment			790				828				2,377				2,350
Amortization of capitalized software			510				154				1,506				205
Amortization of intangible assets			4,087				4,268				12,262				12,803
Amortization of deferred financing fees			28				67				85				106
Share-based compensation expense			1,697				480				9,305				1,404
Loss on change in fair value of contingent earnout liability			(389	)			(190	)			(291	)			21
Bad debt expense			654				137				664				65
Deferred taxes			(161	)			(169	)			(676	)			(146	)
Other non-cash items			(37	)			—				(37	)			—
Changes in operating assets and liabilities
Accounts receivable			(3,093	)			1,823				(8,693	)			(4,301	)
Unbilled revenue			(100	)			2,756				(3,459	)			(1,182	)
Prepaid expenses and other current assets			3,373				1,697				262				96
Other assets			303				(465	)			(376	)			(4,101	)
Accounts payable			387				(472	)			895				(304	)
Accrued liabilities			4,269				7,983				(6,402	)			9,323
Deferred revenue			(1,706	)			(50	)			(2,029	)			214
Operating leases			565				1,514				(1,328	)			199
Cash settlement of vested phantom stock			(2,171	)			—				(9,075	)			—
Other long-term liabilities			(1,774	)			(166	)			164				(52	)
Net cash provided by (used in) operating activities			6,875				18,196				(16,218	)			8,247
Investing activities:
Purchase of short-term investments			—				—				(287,912	)			—
Maturities of short-term investments			32,000				—				32,000				—
Capitalized internal-use software			(114	)			(885	)			(864	)			(2,440	)
Purchase of property and equipment			(162	)			(470	)			(834	)			(3,164	)
Net cash used in investing activities			31,724				(1,355	)			(257,610	)			(5,604	)
Financing activities:
Proceeds from follow-on offering, net of issuance costs			—				—				3,452				—
Payment of deferred IPO costs			—				—				(3,650	)			—
Payment of deferred Class E offering costs			—				—				(192	)			(2,552	)
Proceeds from issuance of Class E Units, net of issuance costs			—				(2,780	)			—				212,888
Payment on redemption of Class A and Class B Units			—				—				—				(198,000	)
Purchase of treasury stock			—				—				(57	)			—
Proceeds from stock option exercises			964				—				1,957				—
Payments of contingent earnout liability			—				(374	)			(1,923	)			(3,555	)
Proceeds from revolving credit facility			—				—				—				5,000
Payments on revolving credit facility			—				—				—				(9,000	)
Payment of deferred financing costs			—				(480	)			—				(228	)
Net cash provided by (used in) financing activities			964				(3,634	)			(413	)			4,553
Net increase (decrease) in cash and cash equivalents			39,563				13,207				(274,241	)			7,196
Cash and cash equivalents – beginning of period			76,074				5,988				389,878				11,999
Cash and cash equivalents – end of period		$	115,637			$	19,195			$	115,637			$	19,195

Duck Creek Technologies, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)

		Three Months Ended May 31,								Nine Months Ended May 31,
($ in thousands)		2021				2020				2021				2020
GAAP Gross Margin		$	40,188			$	30,557			$	109,174			$	85,818
Share-based compensation expense			350				39				2,327				116
Amortization of intangible assets			1,186				1,187				3,559				3,559
Amortization of capitalized internal-use software			510				154				1,506				205
Non-GAAP Gross Margin		$	42,234			$	31,937			$	116,566			$	89,698

		Three Months Ended May 31,								Nine Months Ended May 31,
($ in thousands)		2021				2020				2021				2020
GAAP Loss from Operations		$	(544	)		$	(1,357	)		$	(11,238	)		$	(7,082	)
Share-based compensation expense			1,697				480				9,305				1,404
Amortization of intangible assets			3,994				3,994				11,982				11,982
Change in fair value of contingent earnout liability			(389	)			(190	)			(291	)			21
Non-GAAP Income from Operations		$	4,758			$	2,927			$	9,758			$	6,325

		Three Months Ended May 31,								Nine Months Ended May 31,
($ in thousands)		2021				2020				2021				2020
GAAP Net Loss		$	(357	)		$	(1,999	)		$	(11,372	)		$	(8,453	)
Provision for income taxes			353				267				1,056				889
Other (income) expense			(546	)			316				(1,009	)			96
Interest expense, net			6				60				87				386
Depreciation of property and equipment			790				828				2,377				2,350
Amortization of intangible assets			3,994				3,994				11,982				11,982
Share-based compensation expense			1,697				480				9,305				1,404
Change in fair value of contingent earnout liability			(389	)			(190	)			(291	)			21
Adjusted EBITDA		$	5,548			$	3,756			$	12,135			$	8,675
Adjusted EBITDA as a percent of total revenue			8	%			7	%			6	%			6	%

		Three Months Ended May 31,												Nine Months Ended May 31,
($ in thousands)		2021				Per Share				2020				2021				Per Share				2020
GAAP Net Loss (1)		$	(357	)		$	—			$	(1,999	)		$	(11,372	)		$	(0.08	)		$	(8,453	)
Add: GAAP tax provision			353								267				1,056								889
GAAP pre-tax loss			(4	)							(1,732	)			(10,316	)							(7,564	)
Share-based compensation expense			1,697								480				9,305								1,404
Amortization of intangible assets			3,994								3,994				11,982								11,982
Change in fair value of contingent earnout liability			(389	)							(190	)			(291	)							21
Non-GAAP pre-tax income			5,298								2,552				10,680								5,843
Non-GAAP tax provision applied at a 24% tax rate (2)			1,272								612				2,563								1,402
Non-GAAP Net Income (1)		$	4,026			$	0.03			$	1,940			$	8,117			$	0.06			$	4,441
Shares used in computing Non-GAAP income per share amounts:(1)
GAAP weighted-average shares - basic and diluted			131,613,003												130,992,672
Non-GAAP dilutive shares excluded from GAAP   loss per share calculation			3,575,928												3,575,928
Non-GAAP weighted-average shares - diluted			135,188,931												134,568,600

(1)   Prior to Duck Creek’s initial public offering in August 2020, there were no shares of common stock outstanding, and the membership structure of Duck Creek Technologies consisted of limited partnership units. Accordingly, comparable period net loss per share has not been presented because it would not be meaningful to the users of the Company’s consolidated financial statements.

(2)   Our GAAP tax provision is primarily related to state taxes and income taxes in profitable foreign jurisdictions.  We maintain a full valuation allowance against our deferred tax assets in the U.S.  For purposes of determining our Non-GAAP Net Income, we have applied a tax rate of 24% which represents our estimated effective tax rate once we are profitable on a GAAP basis.

		Three Months Ended May 31,								Nine Months Ended May 31,
($ in thousands)		2021				2020				2021				2020
Net cash provided by (used in) operating activities		$	6,875			$	18,196			$	(16,218	)		$	8,247
Purchases of property and equipment			(162	)			(470	)			(834	)			(3,164	)
Capitalized internal-use software			(114	)			(885	)			(864	)			(2,440	)
Free Cash Flow		$	6,599			$	16,841			$	(17,916	)		$	2,643

FAQ

What were Duck Creek Technologies' Q3 FY2021 revenue figures?

Duck Creek's total revenue for Q3 FY2021 was $67.9 million, which represents a 26% increase from the same period in FY2020.

How much did Duck Creek's subscription revenue grow in Q3 FY2021?

In Q3 FY2021, Duck Creek's subscription revenue grew by 56% year-over-year, totaling $33.6 million.

What is Duck Creek's SaaS Annual Recurring Revenue (ARR) as of May 31, 2021?

Duck Creek's SaaS ARR was $124.1 million as of May 31, 2021, reflecting a 64% year-over-year increase.

What is Duck Creek's outlook for Q4 FY2021 revenue?

For Q4 FY2021, Duck Creek expects revenue between $68.5 million and $69.5 million.

What was Duck Creek Technologies' non-GAAP net income in Q3 FY2021?

Duck Creek reported a non-GAAP net income of $4.0 million for Q3 FY2021, compared to $1.9 million in Q3 FY2020.